BANK BUST FRIDAY!!!! The "Georgia-on-my-Mind, Again" Edition

[marmar]

Bank Closing Information - July 24, 2009
These links contain useful information for the customers and vendors of these closed banks.

Security Bank of Jones County, Gray, GA
Security Bank of Houston County, Perry, GA
Security Bank of Bibb County, Macon, GA
Security Bank of North Metro, Woodstock, GA
Security Bank of North Fulton, Alpharetta, GA
Security Bank of Gwinnett County, Suwanee, GA
Waterford Village Bank, Williamsville, NY



www.fdic.gov

[bluestateguy]

1. What the hell is it with Georgia banks failing?

Is there something in the water there that causes people to default on their loans, or causes the banks to make crappy loans?

[conscious evolution]

2. I do know this

A Ga bank that took over two failed banks earlier this year had Zell Miller,a William Bennet of DC and former Ga Secretary of State Cathy Cox listed as board members.
But I'm sure everything was on the up and up. Not.

[truedelphi]

3. Good info to use when trying to figure this out. n/t

[conscious evolution]

4. All of these Georgia banks were taken over by the same bank

State Bank and Trust Company in Pinehurst Ga.
First thing that caught my attention.Pinehurst is a tiny little town near bumfuck eygypt.How a bank in that town has the ability to take over one failed,much less six,banks is a mystery to me.
Second thing-I made a quick search of the SEC corporate filings for State Bank and trust Company.Can't find anything.I'll take another look later on.

[FarCenter]

6. The "six" banks are really all one bank

http://www.fdic.gov/news/news/press/2009/pr09130.html

The six bank subsidiaries of Security Bank Corporation, Macon, Georgia, were closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $807 million.


http://www.fdic.gov/news/news/press/2009/pr09129.html
For the bank in Williamsville, NY the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.6 million.

[conscious evolution]

8. I noticed that

I wonder why they are listed as seperate banks when they are,in reality,not seperate institutions.

[conscious evolution]

7. Just did a deep search for

the ownership of StateBank and Holding.
Can't find anything in the SEC database of filings.I thought banks were required to file with SEC.
I did find an FDIC page on them.However,it had nothing listed under the ownership section.

This is starting to look a little hinky.

[FarCenter]

9. They appear to be privately owned

http://www.statebankga.com/a_about.htm

[conscious evolution]

11. I saw their website

Did not see anything about ownership either.
Why would the owners hide their identity?More to the point-Why should a bank that is getting taxpayer moneys be allowed to hide their ownership?

[FarCenter]

10. SEC only regulates corporations that makes public offerings to investors

And there are a bunch of exceptions to the filing requirements for small firms.

[Hannah Bell]

12. I couldn't find their officers on their website, but found this elsewhere:

Harry Carter State Bank & Trust Company, Pinehurst
Ronney Ledford State Bank & Trust Company, Pinehurst
Pete Peebles State Bank & Trust Company, Pinehurst

http://www.cbaofga.com/admin/files/May%204th%20NL.pdf.


The GBA Insurance Trust, Inc. Board of Directors welcomes State Bank & Trust Company, Pinehurst, M. Lee Wiley, Jr., CEO.

of http://www.gabankers.com/e-Bulletin/gba_bulletinJuly12005.htm.


"community bankers"

[spanone]

5. how ironic is the name 'security bank' ?